Pandora announced today that it will change much of its silver product to platinum-plated—though, unlike Tiffany, Pandora is cutting back on silver because it has become too expensive.

“Being so dependent on only one commodity for any business, no matter which industry you play in, is high-risk,” CEO Berta de Pablos‑Barbier told analysts on a Thursday conference call following release of Pandora’s fourth-quarter results. “So this is about reducing the commodity and increasing our basket of materials.

“The intention is not to replace our entire assortment,” she added. “We will be keeping some collections in silver. So silver will continue to be part of our basket of materials. It’s just it will not be as dominant as it is today.”

De Pablos‑Barbier said that jewelry will cost about the same platinum-plated as it did in silver and that platinum had tested well with consumers.

The Danish charm manufacturer plans to start rolling out platinum-plated products in northern Europe in the first quarter of 2026 and introduce them globally during the second half of the year.

“By 2027, we expect to be able to transition half of the targeted silver-based assortment into platinum-plated,” chief financial officer Anders Boyer said on the call.

He noted that “with platinum-plated crafting, the lower commodity exposure will be partly offset by higher labor costs, as it will require more crafting time to work with platinum and plating. But of course, labor cost is a more stable and predictable element than commodities.”